The Philippine economy has been on the rise for over a decade and is expected to continue well into the future. With this, it is the perfect time to buy real estate in the Philippines as property values are expected to get higher.
Housing availability and affordability and housing drive the strong rental demand in the Philippines. Although real estate developers launch many housing projects, there is still a backlog approximating 58,000 units per year.
Land is becoming scarcer, especially in metropolitan areas such as Metro Manila. This trend leads to an increase of house and lot selling prices. But while price increases are drawbacks, property seekers may go for a house and lot for rent as a suitable alternative. Future renters will have the advantages of living in a house without fully committing to it – financially and otherwise.
Several private villages in Metro Manila offer houses and lots for rent. Interested property seekers may choose from townhouses, single-detached family homes, and luxurious villas. Staff houses are also available for employees who want more cost-effective but safe and comfortable homes close to their workplaces.
The price of a house and lot for rent may start at Php Php 6,500 and go as high as Php 400,000 monthly. These prices may vary depending on their location, floor and land areas, and accompanying amenities. And because most of these houses and lots for rent are in premier locations, potential enters may expect amenities such as:
Up-front Costs of Houses for Rent
Although the monthly rent will be your highest expenditure per month, there are other costs that you must consider when renting a house and lot. Fees don’t stop after you move in and pay rent every month.
Listed below are four of the most common up-front one-off costs you need to settle before moving in your future home. Note that these may still vary depending on your tenancy contract or if you are negotiating with a real estate agent or directly with the homeowner.
For those who are going through a real estate agent, you may be asked to pay a holding fee for the property you are interested in. This secures your reservation of the house for a certain period of time. The house will already be taken off the market, and no other offers are considered.
A holding fee is not an extra fee. However, it is considered as part of your total move-in costs. Should you decide otherwise on the property after paying this fee, you will not be able to get it back.
Rent in Advance
Most of the time, the landlord will require you to pay a month’s rent in advance. This could also be more, especially if you are unable to sufficiently prove that your income can support the monthly cost of the property.
Tenancy Bond or Deposit
This is the homeowner’s insurance in case of any damages to the property or missed monthly payments. The amount depends on what is agreed upon in your contract, but it is usually equal to four to eight weeks of rent. You should get this amount back after your tenancy.
If you found your house through an agency, you may be charged with an agency fee. This covers services, such as checking credit and reference checks, drawing up the lease agreement, handling the turnover of the house including professional cleaning, and basic administration.
If your house is located inside a village or gated community, you may need to pay village association fees. This is for the use and maintenance of the facilities, such as the clubhouse, swimming pool, playground, and park. The village sticker for your vehicles may be a separate cost.
Choosing a house and lot for rent is one way to avail of well-built homes without shelling a lot of money right away. Leasing allows renters to experience living in premiere residential developments that are accessible to several institutions that offer a wide array of goods, services, entertainment, and conveniences.
Rent-to-own houses and lots are also available. These are suitable for people who want to own a property but don’t have the spot cash to pay the full price upon availing. Note that a leasing period of at least six months to one year is required by most property owners for those interested in renting to own a house and lot.
Economic growth, flexible credit costs, and cost-effective rates have bolstered the market for house and lots for rent in the Philippines. Makati remains as a top destination in Metro Manila, offering rentals in executive villages such as:
Other locations within Metro Manila where you can find houses and lots for rent include Taguig, Muntinlupa, and Parañaque. For locations outside of Metro Manila, alternative spots include Antipolo City (Rizal) Davao City (Davao del Sur), Angeles and Mabalacat (Pampanga) and Santa Rosa and Calamba (Laguna).
Yes, there are houses and lots for rent that come with swimming pools. Some may even offer different pool types, such as kiddie, adult, lounge, and Olympic-sized lap pools.
Yes, you can rent a house and lot with three bedrooms.
Yes, there are houses and lots for rent that have spacious garages and carports that can fit up to four vehicles.